Bitcoin [BTC] saw a short rally yesterday, driven by a 20% hike in the value of its direct competitor, Bitcoin Cash [BCH]. This has led to fresh capital entering the market, pushing the trading volume of Bitcoin to the highest since mid-September.
An uptrend is visible from $6,185 – $6,220 – $6,335 – $6,410, breaking the resistance level set at $6,415, before subsiding to trade around the same range. A downtrend is also demonstrating power over the price, as seen by the movement from $6,660 – $6,440. Resistances are further set at $6,480 and $6,660, with support levels at $6,220 and $6,295.
The RSI went into the overbought zone at the height of the rally, proceeding to come crashing down after a recovery of the price.
The Aroon indicator is showing the uptrend losing power while the downtrend is still low. However, bearish pressure might see a resurgence soon.
A long-term downtrend is seen from May, with price movement visible from $9,800 – $6,425. An uptrend is visible from the $6,185 – $6,270 – $6,330 – $6,410, with support levels set at $6,150 and $5,850. Resistance levels can also be set at $6,525, $6,750 and $7,360.
The MACD is demonstrating a bullish crossover, presenting a positive picture for the coin in the near future.
The Relative Vigor Index is demonstrating a bullish crossover, as shown by the RVGI line crossing upwards over the signal.
The Parabolic SAR is demonstrating a bearish turn, as seen by the presence of the dots over the candlesticks.
The cryptocurrency market is seeing a breath of fresh air after escaping from the bear’s grip. However, this respite might be short-lived as the bear looks to take over control of the price once more.
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